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Stamp Duty Savings

Savings worth £000s benefit buyers & sellers.

Find out the savings following the Chancellor’s announcement to cut Stamp Duty?

Based on the average house price in England of £312,000, you will now pay £3,100 instead of £5,600. A saving of £2,500 (-45%). And if you’re a first-time buyer, you’ll pay nothing. The amount buyers will save is relative to a property's value. Therefore, if you'd like to know how much you could save, contact your local estate agent.

The Chancellor confirmed that from today, 23rd September 2022, the Stamp Duty tax in England would be cut. Thus, offering savings to all buyers and potentially attracting more movers into the property market. Good news if you're considering moving, even better if you're out viewing your first home.

Chancellor Kwasi Kwarteng announced, “Stamp duty is being cut. No stamp duty will be paid on the first £250,000 of a property, and for first-time buyers, the threshold will be £425,000.”

"And we’re going to increase the value of the property on which first-time buyers can claim relief, from £500,000 to £625,000," the Chancellor continued. "The steps we’ve taken today mean 200,000 more people will be taken out of paying stamp duty altogether. This is a permanent cut to stamp duty, effective from today. So cuts to Stamp Duty will get the housing market moving and support first-time buyers to put down roots.”

Alan Robinson, Co-Founder of the Robinson Jackson Group, observed, "As we witnessed with previous cuts in Stamp Duty, the public are normally quick to react and take advantage. Plus, extra support for first-time buyers is always welcome – homeownership is the ambition for most people.”

Alan continues, “The Chancellor's comment – "get the housing market moving" – implies a market in crisis. In the Southeast of England, this is not the case. The public should be assured the property market is fluid, and plenty of people have and will move in 2022. No one can predict what will happen in 2023. Still, I can guarantee the staff around the Robinson Jackson Group will be ready to help as many people as possible."

Contact your local office today to find out how you could benefit from Stamp Duty savings.

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